Shared Benefits Plan

The Shared Benefits Plan™ can save you money by reducing your Payroll taxes and Workers' Compensation costs. It will also increase your employees' take-home pay, allowing you to offer one more value-added benefit to your employees.

If your business offers group health and/or life insurance benefits for employees, you are eligible for the Shared Benefits Plan™ (a Section 125 Premium only Plan). This unique employee benefit plan has been offered through Bancover Insurance Services, Inc. since 1990. It conforms with IRS Regulations for Section 125 Premium Only Plans and incorporates the latest HSA requirements.

Today's healthcare market can be uncertain and full of surprises. Navigating your way through it means coming up with creative ways to make the most of your healthcare dollar. We offer a way for you to control the cost of employee benefits and enjoy substantial savings: the Shared Benefits Plan™. The plan reduces payroll taxes on the premium contributions of participating employees, increases their take-home pay and saves the employer Workers' Compensation premiums. The plan saves money by converting premiums from an after-tax expense to a pre-tax expense.